Chateau Corporation has reported pre-tax income of $250,000 on December 31, 2021, before considering the transactions and events noted below.  Prepare the adjusting entries needed at December 31, 2021 in order to correctly report Chateau's pre-tax income for the year.  (   1)        On September 1, 2021, Chateau signed a one-year, $36,000 note payable with interest of 7%.  The note, plus accrued interest, is due on August 31, 2022. 2)   On May 31, 2021, Chateau entered into a contract to provide services to a customer for eighteen months, beginning on June 1.  The customer paid the $27,000 fee in full on June 1, and Chateau recorded the payment as unearned revenue.

On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Flamengo Co. maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement? a.$1,000. B.$2,000. C.$4,000. D.$3,000.   Which of the alternatives results from the accrual of interest: A.Increase in liabilities and decrease in stockholders' equity. B.Increase in assets and stockholders' equity. C.Increase in assets and liabilities. D.Increase in liabilities and increase in stockholders' equity.   Unfortunately, Flamengo Co. is involved in a lawsuit. When would the lawsuit be recorded as a liability on the balance sheet? A.When the loss is probable and the amount can be reasonably estimated. B.When the loss probability is reasonably possible and the amount can be reasonably estimated. C.When the loss is probable regardless of whether the loss can be reasonably estimated. D.When the loss…

As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 andSchedule A. Use the following information to complete Form 940 and Schedule A on pages 5-52 to 5-54.The net FUTA tax liability for each quarter of 2019 was as follows: 1st, $97.00; 2nd, $87.00; 3rd, $69.70; and 4th,$59.50.Since the net FUTA tax liability did not exceed $500, the company was not required to make its first deposit ofFUTA taxes until January 31, 2020. Assume that the electronic payment was made on time.a. One of the employees performs all of his duties in another state—Louisiana.b. Total payments made to employees during calendar year 2019:Texas..........................$53,450Louisiana ...................22,150Total ..........................$75,600c. Employer contributions into employees’ 401(k) retirement plan: $1,250.d. Payments made to employees in excess of $7,000: $22,150.e. Form is to be signed by Vernon Scott, Vice President, and dated 1/31/20.f. Phone…

At December 31, 2025, Sheffield Corporation had a deferred tax liability of $362,100, resulting from future taxable amounts of $2,130,000 and an enacted tax rate of 17%. In May 2026, a new income tax act is signed into law that raises the tax rate to 20% for 2026 and future years. Prepare the journal entry for Sheffield to adjust the deferred tax liability. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Music Media Ltd. prepares statements quarterly. Port Ai Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $303,960. Music will accrue 1/18 of this amount at the end of each month (assume the installments are paid the next day) Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment. View transaction list Journal entry worksheet 1

Wise AG began operations at the beginning of 2019. The following information pertains to this company  1.    Pretax financial income for 2019 is €100,000. 2.    The tax rate enacted for 2019 is 30% 3.    Tax rate for future years is 40%. 4.    Differences between the 2019 income statement and tax return are listed below:     a.    Warranty expense accrued for financial reporting purposes amounts to €7,000. Warranty deductions per the tax return amount to €2,000.     b.    Income on construction contracts using the percentage-of-completion method per books amounts to €92,000. Income on construction contracts for tax purposes amounts to €67,000.     c.     Depreciation of property, plant, and equipment for financial reporting purposes amounts to €60,000. Depreciation of these assets amounts to €80,000 for the tax return.     d.    A €3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income.     e.    Interest revenue recognized on an investment…

Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxesfor the year, the company identifies an additional $40,000 of income tax expense that should be recorded.A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearendadjusting entry for income tax expense.

Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.

On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis (December 31 as fiscal year end), how much interest expense should be reported in the 2020 income statement? Select one: a. $2,000. b. $4,000. c. $1,000. d. $3,000.

Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $345, 960. Music will accrue 1/32 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2023, to accrue the tax liability and on February 1 to record the payment.